Temperature Management Market is Projected to Reach $3.0 billion by 2024

The report Temperature Management Market by Product (Surface & Intravascular System – Warming & Cooling), Application (Perioperative (Preoperative Care, Operating Room), Acute Care, Newborn Care), Medical Specialties (Pediatric, Orthopedic) – Global Forecast to 2024″, is expected to grow from USD 2.6 billion in 2019 to USD 3.0 billion by 2024, at a CAGR of 3.2% during the forecast period. The increase in the incidence of chronic conditions and the subsequent increase in the number of surgical procedures are the key factors driving market growth.

Patient warming systems to account for the largest share of the global temperature management market in 2019
Based on product, the patient warming systems segment is expected to account for the largest share of the temperature management market in 2019. Factors such as the rising demand for these systems in diverse hospital settings and the increasing adoption rate of invasive warming in surgical procedures such as orthopedic surgeries, gynecology and obstetrics procedures, gastrointestinal procedures, and general surgeries driving the growth of this segment.

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General surgery to account for the largest share of the market, by medical specialty, in 2019
Based on medical specialty, the temperature management market is segmented into general surgery, cardiology, neurology, thoracic surgery, orthopedics, pediatrics, and other medical specialties. The general surgery segment is expected to dominate the market in 2019. The rising incidence of cancers such as breast cancer, colorectal cancer, liver cancer, GI disorders, and endocrine disorders, globally, and the increasing number of general surgical procedures are the major factors driving the growth of this segment.

North America to dominate the market in 2019
North America is estimated to grow at the highest CAGR during the forecast period. Factors such as the large volume of surgical procedures performed in the North American region, growth in the geriatric population, the rising incidence of cardiac arrests and neurological disorders, and the availability of technologically advanced products are the key factors supporting the growth of the temperature management market in North America.

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Key Players:
The major companies in the global temperature management market include 3M Company (US), Medtronic (Ireland), Smiths Medical (US), Stryker (US), and ZOLL Medical (Subsidiary of Asahi Kasei) (Japan).